Multi Currency Credit Card ["Revolut"] - Page 8

Meeyat · #**141** 03.02.2016, 11:04

	Quote:	ChrisNeedsToKnow
	What I find strange in general is that many Fintechs come up with something really cool, and then don't continue developing their product. Example Currencyfair. I love them, they're great at what they do. But a while ago (by now a year or two) I talked to one of their executives, who said they're looking into offering a Multi Currency Credit Card. So one could use Currencyfair for receiving, transferring and spending, "all-in-one". Since then, nothing changed. Except Revolut and WeSwap came along... Why do none of them offer such an all-in-one-solution? I guess it'd be in sort-of high demand!?

That is excellent question. Could it be that the target customers for CurrencyFair are in majority different from ones that are using credit cards internationally?
I would be certainly interested in all-in-one solution. But then again, I may be not an average customer (since I live in Basel, close to DE/FR).

I wonder if an average CurrencyFair user is transferring money from own account to own account? Or it is used mostly when there are payments/remittances to be made to 3rd party? I suspect it is the latter (but cant be sure).

ChrisNeedsToKnow · #**142** 03.02.2016, 11:44

	Quote:	Meeyat
	...I wonder if an average CurrencyFair user is transferring money from own account to own account? Or it is used mostly when there are payments/remittances to be made to 3rd party? I suspect it is the latter (but cant be sure).

Another use case would be receiving payments after leaving the country, >>such as this poster<< nearly falling for some fraud.

If Currencyfair and Revolut (and all the others...) can live from their respective business model, why shouldn't an all-in-one survive?

Actually I put some hope into >>number26<<. Since they came along they kept adding more and more cool functionalities. Maybe they'll evolve into exactly that.

Sparxxx · #**143** 16.02.2016, 13:33

Hi guys

Just come across this thread and the Multi Currency Card is exactly what I would need since I travel a lot

.
Unfortunately they don't offer to top up the card in CHF which leaves me asking how do I top up the card from Switzerland? I only have a Maestro Card which is not supported.
Through a Bank Transfer (in Euro or USD) UBS will give me a pretty shitty rate.

The_Love_Doctor · #**144** 16.02.2016, 13:46

	Quote:	Sparxxx
	Hi guys Just come across this thread and the Multi Currency Card is exactly what I would need since I travel a lot . Unfortunately they don't offer to top up the card in CHF which leaves me asking how do I top up the card from Switzerland? I only have a Maestro Card which is not supported. Through a Bank Transfer (in Euro or USD) UBS will give me a pretty shitty rate.

It's basically useless for Swiss customers unless you:

1) Have access to an account denominated in one of their 3 holding currencies (USD, GBP, EUR). The account has to be in your name and you can not use online currency conversion services to transfer money to them.

2) Are able to exchange money from CHF to (GBP, USD, EUR) cheaply.

or

They add CHF as one of their holding currencies. They say they're working on it, but it could be a few more months before this comes into fruition.

Sparxxx · #**145** 16.02.2016, 13:51

Well, I do also have an Euro Account at UBS from which I could transfer.
This way I will avoid exchange rates but still pay transfer fee (should be small anyway).
The main idea is to use their credit card and avoid that stupid UBS 1.75% fee on every foreign currency pay + bad exchange rate.
I travel a lot to the US and within EU plus do a lot on online shopping in Euro. This Revolut card would be perfect

.

The_Love_Doctor · #**146** 16.02.2016, 14:45

	Quote:	Sparxxx
	Well, I do also have an Euro Account at UBS from which I could transfer. This way I will avoid exchange rates but still pay transfer fee (should be small anyway). The main idea is to use their credit card and avoid that stupid UBS 1.75% fee on every foreign currency pay + bad exchange rate. I travel a lot to the US and within EU plus do a lot on online shopping in Euro. This Revolut card would be perfect .

What you could so is use a currency exchange platform to change CHF -> EUR, wire the money back to your EUR account with UBS, then wire the money from your EUR account to the Revolut EUR IBAN. This way you get a good rate in exchanging your money from CHF -> EUR.

Sparxxx · #**147** 16.02.2016, 14:47

Yep, that would be nice.
Never used an exchange platform before. Do I pay a fee for the CHF I transfer to the exchange platform? Or is it also a CHF account?
thanks.
Sorry, but I am new to all this

The_Love_Doctor · #**148** 16.02.2016, 14:54

	Quote:	Sparxxx
	Yep, that would be nice. Never used an exchange platform before. Do I pay a fee for the CHF I transfer to the exchange platform? Or is it also a CHF account? thanks. Sorry, but I am new to all this

You'd have to check with UBS if they would charge you a fee or not. I believe with some account packages some fees are included up to a certain limit. Assuming you don't have any package, then they will probably charge you CHF5.- or so to transfer money.

The account you will be transferring money to will have to be denominated in CHF indeed. Make sure that is the case, this depends on the platform you would use.

You'd have to do a bit of research to see which platform would be best for you.

Sparxxx · #**149** 16.02.2016, 14:55

Cool... thanks. As long as the account I transfer to is CHF that's fine. Fee is not that big...1-2chf I think.

The_Love_Doctor · #**150** 20.02.2016, 14:27

Just came across their Fair Usage Policy which I haven't seen before.

https://revolut.com/fairusage

	Quote:
	Fair Usage Policy Our core mission is to help you save as much money as possible. Certain services we provide are costly to us due to third party fees. For these services we have a monthly free usage limit, after which we will charge a small but fair fee to cover costs. We are working to bring these costs down. ATM Withdrawals ATM usage is FREE for up to £500 / €650 / $700 (or equivalent) a month, after which there will be a 2% fee applied to further ATM withdrawals until the end of the month. For example, if you withdrew £550 in one month, this would only cost you £1. We have to pass on these costs as Revolut doesn't own the ATMs...yet! If you are approaching your ATM withdrawal limit, don't worry, you can still spend as much as you want on your Revolut card instead, as this policy ONLY applies to ATM withdrawals USD Debit Card Top-Ups Supporting debit card top-ups in USD is expensive for us. We are working to bring these costs down. Until then, we have to pass on our costs, which are 3% per USD top-up. In this case it might be cheaper for you to top up via bank transfer. Don't forget though...spending, sending and exchanging in USD is completely FREE Illiquid Currencies For most currencies we provide you with the interbank rate...Awesome! However there are some illiquid currencies such as Thai Baht and Russian Ruble which are difficult for us to trade. For these currencies we will give you the best rate we can. You can check all these rates within the app.

adrianlondon · #**151** 07.03.2016, 15:32

I've just used my Revolut card for the first time. I charged £100 to it and noticed a credit of £105 (there was a £5 bonus, so I guess the MSE bonus still works).

I withdrew 250zl and the machine in Krakow suggested I convert to sterling at £49.50. I declined and took the zloty. A few minutes later my Revolut app told me it had cost £44.60.

That matched the xe.com rate exactly.

hairybadger · #**152** 07.03.2016, 15:45

I tried to use mine the other day to buy petrol in France - pin didn't work. Their FAQ says that if the pin doesn't work you need to go to an ATM and choose "balance query" to have it updated (whatever that means). The balance query will not work but according to the FAQ that is not important. Anyway - first ATM I tried (Banque Populaire des Alpes) refused with a technical error before I even put the PIN in, the second (Credit Lyonnais) appeared to accept the PIN. Will try buying petrol again next time I fill up.

ChrisNeedsToKnow · #**153** 07.03.2016, 16:07

Note that, as per FAQ, there is now a limit on withdrawing cash:

	Quote:
	...Withdrawing cash from an ATM with your Revolut multi-currency card is free for £500 (or equivalent) each month after which there is a 2% charge...

The_Love_Doctor · #**154** 25.03.2016, 16:14

Another great experience with Revolut!

This time at Zürich Airport at Gate D they have a Travelex ATM capable if dispensing EUR, GBP, CHF and USD. I thought I would try it... The ATM gives you the option to do the withdrawal with conversion or without converaion (i.e. With rip off rate or at Revolut's own rate). Somehow it detects the currency of the card as GBP and gives me a rate if $1 per £0.82, I say no of course and do the withdrawal without conversion. $100 in my pocket... revolut rate ~ 0.71! Saving of roughly £11 on a $100 withdrawal! Win!

adrianlondon · #**155** 27.03.2016, 14:15

I've got a Metro Bank card (UK bank) which used to offer free cash withdrawals worldwide but now it's limited to within Europe, so my main reason for getting the Revolut card was to use it out of Europe.

I can confirm that it works, and offers great rates, in HK, Taiwan and Japan. I'm very pleased with it. I just want to be able to charge it in CHF.

Phil_MCR · #**156** 27.03.2016, 14:43

Another thumbs up for revolut - a financial service that actually is hassle free, works as advertised and is customer friendly.

fatmanfilms · #**157** 27.03.2016, 18:32

	Quote:	adrianlondon
	I've got a Metro Bank card (UK bank) which used to offer free cash withdrawals worldwide but now it's limited to within Europe, so my main reason for getting the Revolut card was to use it out of Europe. I can confirm that it works, and offers great rates, in HK, Taiwan and Japan. I'm very pleased with it. I just want to be able to charge it in CHF.

Did you claim to live in the UK for the Metro Bank account? They only seem require a credit card statement plus phone bill so are easier to fool than most banks

The_Love_Doctor · #**158** 04.05.2016, 16:29

More props to Revolut. Used the card for AED, SGD, IDR on a recent holiday and it worked like a charm! Used the card for cash withdrawals, payments in shops, restaurants, hotels and taxis without any worry.

Finally a card where you don't have to worry about hidden FX charges, commissions etc.

On their latest release you can also disable the magnetic strip on the card and force merchants to use chip + pin. Which should reduce the ability of fraudsters to take your cash. They do have a location security feature but I guess this doesn't work very well when you're on holiday as you will need internet which is normally disabled if you don't have international data roaming.

Anyway just though I'd share with you guys!

kart0ffel · #**159** 05.05.2016, 09:01

thank you all guys for the information

I will definitely try this, and as I have a EUR account in my home country I guess I can do:

CHF --[transferwise]--> EUR --> Revolut

in order to avoid the fees

kart0ffel · #**160** 05.05.2016, 11:03

Does someone have a Promo code that I can use?

ps. why I can't edit my previous psot? :'(